FX.co ★ Global macro overview for 28/06/2016

Global macro overview for 28/06/2016:

The Consumer Confidence Index data is scheduled for release today at 02:00pm GMT and market participants expect them to be better than last months (93.2 vs. 92.6 prior). Consumer attitudes cooled a bit in May, but today's release from the Conference Board (CB) will offer more perspective on the mood in June. Nevertheless, it is worth to mention that the consumer confidence had been trending lower since the beginning of the last year. In conclusion, even if today's print is better than expected, it might be just a temporary bounce as the fears regarding Brexit consequences will weight on the overall sentiment.

Let's now take a look at the EUR/USD technical picture in 4H time frame. No sudden rebound is present on the charts after a new lower low had been made at the level of 1.0911. The resistance at the level of 1.1097 is still a key level for any bullish relief rally, but bulls themselves does not look particularly strong now. The next support is seen at the level of 1.0970 and 1.0911.